Author: odinn 2015-06-14 21:59:33
Published on: 2015-06-14T21:59:33+00:00
A discussion on Bitcoin’s block size limit has been taking place. Jeff Garzik, a core developer at BitPay, posted on the Bitcoin-Development mailing list and stated that both block size proponents and block size change conservatives are missing the point by ‘glossing’ over the fact that choosing the size limit is “choosing the size of a scarce resource.” He goes on to say that by doing this, it defines who is in the fee market and how they behave and what market choices are made. Garzik believes that the solution lies in transitioning this size limit to the free market; users must choose their desired level of growth, decentralisation, etc.Garzik argues that a "floating limit with training wheels" is better and stronger for bitcoin's health from a governance, user choice and free market perspective than simply "hard fork to 2MB, come back again in 6 months." The discussion so far has neglected some fundamental aspects such as how to potentially re-design a fundamental part of Bitcoin, and the proposals so far don't address this. Different users value adoption, decentralization, etc. differently. The size limit is an economic policy lever that needs to be transitioned away from software and software developers to the free market. A simple, e.g. hard fork to 2MB or 4MB does not fix higher-level governance problems associated with actors lobbying developers, even if a cloistered and vetted Technical Advisory Board has been proposed.
Updated on: 2023-06-09T22:55:20.804640+00:00